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Delek US Holdings Reports Record Net Income For Fourth Quarter And Full-Year 2012

Stocks in this article: DK

Yemin concluded, “We began 2013 in a strong financial position. The successful creation of Delek Logistics has given us a new platform for growth. Our improved liquidity position should give us the ability to take advantage of growth opportunities, and should allow us to continue returning cash to shareholders. Strategic initiatives to continue improving our crude slate flexibility are well underway, which will not only improve our profitability in the near-term, but will also maximize flexibility in the long-term. We expect the improved pipeline access will increase our ability to source Midland crude to approximately 87,000 barrels per day from our current level of approximately 45,000 barrels per day. When combined with locally sourced crude, we will have approximately 105,000 barrels per day of cost advantaged crude supplies. With increased access to cost advantaged crude and a strong financial position, we look forward to creating additional value for our shareholders during 2013.”

Change in Segment Reporting

As a result of the offering of Delek Logistics and related transactions, we have reclassified certain operating segments. The majority of the assets previously reported as our marketing segment and certain assets previously operated by our refining segment were contributed to Delek Logistics as part of the Delek Logistics offering. The results from the operation of these assets are now reported in our logistics segment. Further, certain operations previously included as part our marketing segment were retained by Delek and are now reported as part of our refining segment. The historical results of the operation of these assets have been reclassified to conform to the current presentation.

Refining Segment

Refining segment contribution margin increased to $147.6 million in the fourth quarter 2012, versus $32.1 million in the fourth quarter 2011. Both refineries showed significant margin improvement on a year-over-year basis as crude differentials were less volatile in fourth quarter 2012 compared to the prior year period. Contribution margin at the El Dorado refinery increased to $54.8 million in the fourth quarter 2012 from a negative contribution margin of $13.1 million in fourth quarter 2011. Contribution margin at Tyler increased to $92.8 million in the fourth quarter 2012 from $44.8 million in the same period prior year.

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